MUMBAI, 4 SEPTEMBER, 2022 (GPN): Cyrus Mistry (54), former Tata Sons Chairman, died in a road accident after his car hit a divider on the bridge above Surya river in Chatori area on the Mumbai Ahmedabad National Highway in Palghar district of Maharashtra, today on Sunday around 3.15pm.He is survived by his wife and two children.

Mr Mistry was travelling from Ahmedabad to Mumbai in his Mercedes car.A Kasa police station officer said the accident occurred at Charoti Naka on the Surya river bridge under the Kasa police station limits.informed Palghar district superintendent of police, Balasaheb Patil.

The body of Mistry has been shifted to the Kasa Rural Hospital for postmortem.

Two other persons travelling with him, including the car driver, were injured. All the injured persons have been shifted to a hospital in Gujarat.The car driver also succumbed to the injuries police said to GPN.

Cyrus Pallonji Mistry was an Indian-born Irish businessman. He was the 6th chairman of  the Tata Group, from 2012 to 2016.
Cyrus Pallonji Mistry came to the prominence when he was chosen to lead Tata Sons after Ratan Tata stepped down in 2012. He was made chairman on the basis of his representation from Shapoorji Palonji Group, the largest shareholder in Tata Sons.Shapoorji Pallonji Group and Tata Sons,had been partners for 70 years. Moreover, the two families Tata Sons and SP also happen to be linked by marriage—the Mistry patriarch’s daughter is married to Ratan Tata’s half-brother Noel Tata.

Cyrus Mistry was suddenly sacked and bitterly ousted from his position on October 24, 2016 following a board decission by Tata Sons(the group’s holding company).The boardroom coup was led by Tata Trusts, which owned 66% of Tata Sons and was controlled by Ratan Tata.

Tata Sons reappointed N Chandrasekaran as the Ex. Chairman for a second term of five years in 2017 to takeover the Tata Groups top position.Tata family patriarch and previous chairman Ratan Tata was installed as interim boss until he was replaced by Natarajan Chandrasekaran, the chief executive of Tata Consultancy Services, an IT powerhouse that is the group’s most profitable company. The selection of Chandrasekaran was widely applauded.

Following Cyprus removal, boardroom battles played out with Mistry being removed as director in several listed and unlisted entities of the group, including TCS, Tata Steel, Tata Motors, Indian Hotels Co Ltd, Tata Chemicals, Tata Power, Tata Teleservices and Tata Industries.

After his Tata stint, Cyrus went on to set up a venture capital firm, Mistry Ventures LLP.Cyrus Mistry’s father Pallonji Mistry was the head of 156 yr old Engineering and Construction Giant Shapoorji Pallonji Group. He died in June 2022 at the age of 93 survived by Two Sons
Cyrus Investments Pvt Ltd and Sterling Investments Corporation Pvt Ltd, belonging to Cyrus had moved NCLT Mumbai, alleging oppression of minority shareholders and mismanagement by Tata Sons, while also challenging Mistry’s removal.

When NCLT Mumbai dismissed the pleas of the two Mistry family backed firms, they moved the NCLAT, which restored Mistry as executive chairman of Tata Sons, but suspended its implementation for four weeks in order to provide time for Tatas to appeal.

Then on January 2, 2020, Tata Sons challenged the NCLAT decision of December 18, 2019 before the Supreme Court. On March 26, 2021, the SC delivered its verdict, allowing Tata Group’s appeals and sets aside the NCLAT order restoring Mistry as executive chairman of the Group.

Cyrus owned an 18.4% stake in Tata Sons, through his company, Cyrus Investments Pvt. Ltd. In 2018, his net worth was approximately $13 billion. His total assets would be valued at nearly Rs 94,000 crore (or around $12.8 billion). He was a member of the National Integration Council.Earlier last year before his death the Shapoorji Pallonji (SP) Group Conglomerate said it will exit the Tata Group and Wants To End Feud By Selling Stake In Tata bringing the 70-year-old relationship to a bitter end. Cyrus who had a net worth of approx $13 billion,in Shapoorji Pallonji (SP) Group, an engineering and construction giant based in Mumbai. The family’s biggest asset is its 18.4% stake in Tata Sons, the holding company of Tata Group, a conglomerate of 30 companies with revenues of $113 billion.Ends